Vocabulary
Life span
The time between birth and death
First step developing a financial plan
Budget creating
Keeping track of financial records
What are one of the five stages of the family life cycle
(Expanding, beginning, developing, launching, aging)- includes whichever they may choose
Examples of personal financial crisis
Job loss, divorce, death, disability, serious illness, and natural disasters
Spreadsheet
Software program that formats data in columns and rows that perform calculations
Expense that is a cost that changes the amount and time it must be paid
Variable expense
What records are related to your banking business and credit cards
Financial records
What are variations in the life cycle
Patterns that differ from typical families
When do you need prompt
When debt problems reach the crisis stage
Wealth
Abundance of money
What should be included into your budget to have cash available unexpectedly
Savings
What is used to uphold an agreement in a court of law such as a auto loan
Legal document
What requires additional furnishings and moving costs
When should you start discussing the problem with adult members of the household
When a personal financial crisis arises
The major problem that changes a family's future
Personal financial crisis
What benefit makes a charitable contribution
Tax deduction
Birth certificates, social security cards, and medical records consist of-
Personal information
What is apart of each stage
Family and personal expenses to cover
What often helps people and families avoid financial problem altogether
Preventive measures
Consists of the stages a family passes through over its lifetime
Family Life Cyle
What takes up to three years to achieve
Medium-term goal
What is helpful to keep money management records over a period of time
Recordkeeping
What will change with each stage
Goals, needs, and spending patterns
What can be avoided by living within your means and keeping debt under control
Financial trouble